Eric Cantor under fire for STOCK Act tweaks

House Majority Leader Eric Cantor (R-Va.) has released his version of a congressional insider-trading ban, and it strips a provision that would require so-called political intelligence consultants to disclose their activities, like lobbyists already do. It also scraps a proposal that empowers federal prosecutors going after corruption by public officials.

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That’s stoked backlash from Democrats and even some Republicans, who are furious at Cantor and are accusing the Virginia Republican of watering down the popular legislation that easily passed Senate last week.

Sen. Chuck Grassley (R-Iowa) slammed the House for deleting his amendment targeting the political intelligence industry, which tracks action on Capitol Hill and then sells the information to investors. Instead, the House bill requires just a study of the industry’s activities within 12 months.

“It’s astonishing and extremely disappointing that the House would fulfill Wall Street’s wishes by killing this provision,” Grassley said in a statement. “If Congress delays action, the political intelligence industry will stay in the shadows, just the way Wall Street likes it.”

Cantor spokeswoman Laena Fallon said the provision was deleted because it was “extremely broad” and added that the “unintended consequences on the provision could have affected the first amendment rights of everyone participating in local rotaries to national media conglomerates.”

Sen. Patrick Leahy (D-Vt.), who co-authored with Sen. John Cornyn (R-Texas) an amendment to crack down on public corruption using a number of measures, said he was “deeply disappointed” his provision had disappeared from the House bill. Leahy noted that a similar measure cleared the House Judiciary Committee in December.

“If we are serious about restoring faith in government and addressing the kinds of egregious misconduct that we have witnessed in recent years in high-profile public corruption cases, Congress must act now to enact serious anti-corruption legislation,” Leahy said in a statement. “The House Republicans’ version of the STOCK Act misses that opportunity.”

For Cantor’s part, the House’s No. 2 Republican has added provisions that he says strengthens the STOCK Act, which explicitly bars lawmakers and their aides from using nonpublic information gained through their jobs to profit themselves.

The new version of the House’s STOCK Act ensures that the bill’s insider-trading ban and its disclosure requirements apply to the executive branch, and it also bans lawmakers convicted of a crime from collecting pensions.

In a shot at House Minority Leader Nancy Pelosi, Republicans also added a so-called “Pelosi provision” that imposes stricter rules on public officials who participate in initial public offerings. The California Democrat was targeted in a “60 Minutes” probe that reported Pelosi and her husband participated in Visa’s IPO while a bill governing credit-card legislation was pending before Congress.

Pelosi has denied any conflict of interest or special access related to the Visa IPO.

Slaughter was peeved at the “Pelosi Provision” when asked about it on Wednesday.

“I think the fact that they put this in was strictly to cause grief to [Pelosi],” Slaughter said, “and I resent it.”

Cantor said in a statement late Tuesday that he consulted “dozens of members” as he reworked the bill. But neither Slaughter nor Rep. Tim Walz (D-Minn.), the primary sponsors of the STOCK Act, worked with Cantor on the new bill, the Democrats said.

Despite the partisan bickering, the legislation is expected to pass when it comes up for a vote Thursday.

House Majority Leader Eric Cantor (R-Va.) has released his version of a congressional insider-trading ban, and it strips a provision that would require so-called political intelligence consultants to disclose their activities, like lobbyists already do. It also scraps a proposal that empowers federal prosecutors going after corruption by public officials.

I read about goniff Cantor getting involved in the STOCK Act a couple of weeks ago here at Politico and thought at that time that the goniff Cantor had a personal reason for taking control of a bill to stop insider trading.

That reason, I suspect, is that Cantor was one of the worst offenders and he was doing the old CYA on the bill. He is smothering the enforcement provisions in the bill to make it a toothless waste of paper. He's making sure no one is going to kill his GOLDEN Goose.

Why is anyone surprised at Cantor's actions. He is a self centered empty suit. The guy has not done one constructive thing in the last four or five years. He is looking out for himself and Israel that is it. COME ON PEOPLE IN VIRGINIA VOTE THIS DEAD BEAT OUT.

What in the world is this moron waiting for? The Senate voted this up 96-3. That includes Republican Senators. So what is it Cantor finds so objectionable that he refuses to pass it in its current form?

That's ok, Congress will do this at their own peril. I for one am glad that the Newsweek article that started this whole thing got so much traction. Forget mincing words on this one, in its current form, the system allows representatives Republican and Democrat (both equally guilty) to trade stocks and other instruments when they have a conflict of interest. No one, I repeat, no one else can get away with using insider information that would and in fact DOES materially impact stock prices. It is ILLEGAL for anyone else to engage in this practice devoid of ethics whatsoever. I'm not even talking about the IPO favors that brokers give to high roller type clients. That is completely legal, objectionable maybe, but legal nonetheless. It's specifically when those who serve on specific committee's i.e. finance and others who are enacting legislation that will have a material impact on the stocks of public companies in various sectors of the economy that they engage in what for everyone else is called INSIDER TRADING.

Cantor is a political hack of the highest order. He needs to stay in politics, he could never be successful in the private sector. That requires skills beyond the art of brown nosing.....as far as Israel is concerned, when they no longer serve his purpose he would gladly hand it over to Hamas, if they would make a campaign contribution.

This man stands for nothing other than self promotion and incessant spinning and whining.

Why is anyone surprised at Cantor's actions. He is a self centered empty suit. The guy has not done one constructive thing in the last four or five years. He is looking out for himself and Israel that is it. COME ON PEOPLE IN VIRGINIA VOTE THIS DEAD BEAT OUT.

I would if I lived in this buffoon's district! Again, if folks vote this moron back in, it will be their own fault.

Slaughter was peeved at the “Pelosi Provision” when asked about it on Wednesday.

“I think the fact that they put this in was strictly to cause grief to [Pelosi],” Slaughter said, “and I resent it.”

I bet she did.

How much has Slaughter made off INSIDER Trading or Special offerings to Congress members?

For Cantor’s part, the House’s No. 2 Republican has added provisions that he says strengthens the STOCK Act, which explicitly bars lawmakers and their aides from using nonpublic information gained through their jobs to profit themselves.

And people wonder why congress changed the name of the MORALS Commitee to the ETHICS commitee? Ethics deals with what is lawful, morals deals with what is right. Many laws that are ethical are NOT moral--think of emminate domain whereby it is now federally lawful and ethical to take grandma's house for much less than replacement value and practically "give" the land to a developer of a strip mall just to increase the tax base. WHAT? But hey--if it is written and is passed, it becomes ethical, and therefore somehow it is 'right'. LET YOUR VOICE BE HEARD! Fight government immorality every chance you get! BE VIGILANT!! Let the government fear the power of the people as much or more than the people fear the power of the government! REMEMBER--" All it takes for evil to win is that good people do nothing." CHEERS to OWS & ANON. HOBOSADDLETRAMP

For Cantor’s part, the House’s No. 2 Republican has added provisions that he says strengthens the STOCK Act, which explicitly bars lawmakers and their aides from using nonpublic information gained through their jobs to profit themselves.

* Speaker John Boehner (R-Ohio), then House Minority Leader, bought stocks in private health insurance companies in the days before the government-run public option was removed from the Democratic health care overhaul bill. A Boehner spokesman said a financial adviser he consults once a year makes all of his investment decisions.

“I have not made any decisions on day-to-day trading activities in my account and haven’t for years,” Boehner told “60 Minutes” correspondent Steve Kroft during a news conference last week. “I do not do it, haven’t done it and wouldn’t do it.”

Really shady don't you think? Why would he be responsible for insider trading when he dosen't make any decision on his investments.......reall tricky stuff....

Why am I not surprised? just by looking at this guy's face anyone can tell he is the face of betrayal & deception at it's best! he is the kind of guy that gives you a stomach ache just by looking at him and let's not forget Mitch McConnell (another face I love NOT to see again!)

What is Cantor try to hide, why does he he have to take the republican stance that big money needs his protection. Or is it that if he doesnt have his 2 cents on every bill it makes him less of a dick head. This whiny Virginian needs to go up to the Speaker grab him by his man tan hand, and leave the house . Their. are republican that can replace those two abstractors , that can actually help rebuild , and restore the faith in your party. God knows the republican party needs all the help it can get.

This article really shows whose side Eric Cantor is on! He trys to pretend he is doing the right thing when in fact he is protecting Congress members from having to play fair like every other citizen has to. Eric Cantor is the biggest hipocrite and phony in the House and he should be run out of office!

A Boehner spokesman said a financial adviser he consults once a year makes all of his investment decisions.

“I have not made any decisions on day-to-day trading activities in my account and haven’t for years,” Boehner told “60 Minutes” correspondent Steve Kroft during a news conference last week. “I do not do it, haven’t done it and wouldn’t do it.”